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HB19-1075

Tax Credit Employer-assisted Housing Pilot Program

Concerning the creation of a credit against the state income tax as a pilot program to promote employer-assisted housing projects in rural areas.

Session:

2019 Regular Session

Subjects:

Fiscal Policy & Taxes

Housing

Bill Summary

As a pilot program to promote employer-assisted housing projects in rural areas, for income tax years commencing on or after January 1, 2019, but prior to January 1, 2023, the bill creates a state income tax credit for a donation a taxpayer makes to a sponsor that is used solely for the costs associated with employer-assisted affordable housing in a rural area. The bill defines "sponsor" to mean the Colorado housing and finance authority, a housing authority operated by a county or municipality, a nonprofit corporation that has been designated as a community development corporation under the federal tax code, or an international, nongovernmental, not-for-profit organization whose mission is concentrated on constructing affordable housing.

The amount of the credit allowed by the bill is 20% of the approved donation amount; except that the aggregate amount of the credit awarded to any one taxpayer is limited to $400 in any one income tax year.

The bill contains additional requirements pertaining to the manner in which the taxpayer submits information to receive the tax credit. The bill also requires periodic reporting of information on the use of the tax credit.

Amendments

* Amendments passed in committee are not incorporated into the measure unless adopted by the full House or Senate.

** The status of Second Reading amendments may be subsequently affected by the adoption of an amendment to the Committee of the Whole Report. Refer to the House or Senate Journal for additional information.

Bill History

Date

Location

Action

05/09/2019

House

House Committee on Appropriations Lay Over Unamended - Amendment(s) Failed